BSE: 531289
NATIONAL FITTINGS LIMITED
Operates in the Iron & Steel Products industry, with a geographic split between Within India and Outside India sales. In segment data reported, Within India accounts for 36.5% of segment revenue and Outside India 63.5%; domestic operations carry an EBIT margin of 13.9% versus 5.3% on exports. A supplier agreement with related party Banil Casting Private Limited provides for the exclusive supply of up to 400 metric tonnes of iron castings per month, with an additional 160 MT added from 1 April 2026. Two private entities — Banil Casting (turnover ₹62.60 crore) and Avisa Private Limited (assets ₹4.56 crore, nil turnover) — are proposed to merge into the listed entity, subject to regulatory approvals. In FY26, revenue was ₹91.40 crore and EBITDA margin was 18.45%. Raw materials are the largest cost at 52.7% of revenue, followed by other operating expenses at 30.2%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Outside India (64%), Within India (37%). Small, export-oriented iron and steel fittings manufacturer
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q1 FY19 | Q2 FY19 |
|---|---|---|
| Revenue | 16 | 16 |
| Profit before tax | 2 | 3 |
| Net profit | 2 | 2 |
| EPS (₹) | 1.92 | 2.68 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 65.2 | 15.4 | 93 of 105 | 12% |
| P/B | 7.3 | 1.5 | 95 of 101 | 6% |
| ROCE | 6.1 | 9.1 | 72 of 115 | 38% |
| ROE | 4.3 | 8.6 | 71 of 103 | 31% |
| Debt / Equity | 0.3 | 0.2 | 63 of 101 | 38% |
| EBITDA margin | 24.8 | 11.0 | 19 of 100 | 82% |
| Market cap | 272 | 216 | 58 of 122 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting to approve September quarter unaudited results | results | low | — | — |
| 21 Oct 2026 · Promoter Anil Kumar Agarwal buys 174,160 shares | ownership changes | medium | — | — |
| 21 Oct 2026 · Buys 4.5-acre land in Vadodara for Rs 4.65 crores | capex operations | medium | — | — |
| 13 Oct 2026 · National Fittings to acquire 4.5 acres for new manufacturing plant | capex operations | high | — | — |
| 8 Oct 2026 · Dematerialisation compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 18 Sept 2026 · 33rd AGM e-voting results: all three resolutions passed with 99.99 percent majority | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Summary of 33rd AGM proceedings held on 16 September 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · No undisclosed information behind share price movement | compliance | minimal | — | — |
| 1 Sept 2026 · BSE seeks clarification on sharp price movement | regulatory legal | high | — | — |
| 20 Aug 2026 · 33rd AGM Notice Sep 16, 2026; Re 1 Dividend; FY26 Revenue Up 17% | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.